Economic growth slows down

25/09/2008 09:30

The Dutch economy grew 3.0 percent in the second quarter of 2008. The growth rate was 0.3 percentage points lower than in the first quarter. The second quarter had one working day more than the second quarter of 2007. After correction for calendar and seasonal effects, the volume of GDP was 0.1 percent up on the first quarter of 2008. The quarter-on-quarter growth is the lowest in more than three years.

Exports of goods and services were 4.1 percent higher than in the second quarter of 2007. This means that growth was less vigorous than in preceding quarters. Imports grew by 5.1 percent. Fixed capital formation was 9.8 percent higher. Investments in company premises and computers increased most notably.

Households spent 2.3 percent more on goods and services. This is similar to the growth level over 2007, but the factors that contribute to growth vary considerably. Growth in the second quarter was chiefly due to the much higher natural gas consumption and the introduction of the personal contribution in health care. The growth rate of government consumption was only 0.4 percent.

Manufacturers of goods generated 5.6 percent more output than in the second quarter of 2007. The sectors mineral extraction and construction in particular contributed to economic growth. In all other sectors, output results lagged behind the average over 2007. De slowdown in the commercial services sector was most notable.